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> From 1938 to 1945, war created that demand. From 1946 to 1981, prosperity, rising wages, and advertising created that demand. From 1982 to 2007, debt fuelled
by vorg 13y ago
> From 1938 to 1945, war created that demand. From 1946 to 1981, prosperity, rising wages, and advertising created that demand. From 1982 to 2007, debt fuelled consumption financed by ever rising asset prices created that demand.
The next phase of US prosperity will be fueled by Asian immigration. They want to spend their money on college fees and houses, cars and city apartments, legal fees and taxes. They kept Australia, NZ, and Canada afloat for the last 20 yrs, but they prefer America. By 2050, half of all Americans might be ethnic Asians.
- tanzam75 13y agoAustralia was not kept afloat by Asian immigration, but by digging up their land and selling pieces of it to China. 30% of Australian exports are to China. More than half of that is coal. As for immigration, it is much easier to immigrate to the Commonwealth countries than to the United States. They all have point systems for skilled immigration. It's possible to immigrate into the United States by making a $500,000 investment. But that policy really only captures the upper middle class looking for a backup plan.
- ido 13y agoI don't know what your definition of "upper middle class" is, but I am pretty sure even in the top 10% of the economy in any given western/industrialized country almost nobody has half a million $ laying around for investment (i.e. that isn't tied up in the homes).